A Guide to New Euro Crisis

The euro-zone crisis is back—although some argue it never really went away. The failure of Italy's elections to produce a clear winner, with Pier Luigi Bersani's center-left coalition narrowly winning the lower house but no overall control of the upper chamber of Parliament, has re-injected tensions into markets, affecting instruments as far-flung as the Japanese yen and the CBOE Volatility Index. What should investors watch to judge the depth of market fears?